How Will Globalization Affect The Future – There is no doubt that globalization has changed the world today. It is shaping and will continue to shape the way people work, travel and connect. Globalization offers many benefits, but it also comes with economic and cultural consequences that can be difficult to manage. As globalization continues to shape global interactions in business, technology and more, companies will need to understand the benefits and challenges.
“Globalization” refers to the interconnectedness of countries through various relationships, from business, politics and technology to travel, culture and media.
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How Will Globalization Affect The Future
Think jeans in stores with “made in China” on the inside. Imagine McDonald’s stores popping up in Ukraine and Vietnam, and Americans visiting Indian restaurants in Montana and falafel carts in New York. Imagine a doctor in Chicago reading the New York Times and the Guardian and Al Jazeera. Imagine a Polish teenage girl listening to Rihanna at night and packing her Fjallraven-Kanken bag in the morning to school, where she will read Proust, Dostoyevsky, Murakami and Bolagno in her literature class.
Pros & Cons Of Globalization For Businesses
Imagine a business line with members from eight different countries. Think of a joint United Nations peacekeeping mission in which various member nations come together to save lives on another continent.
Although it is common to say, it is true that the world is shrinking. You can use the phone to reach someone instantly, no matter how far away that person is in the world. You can use Skype, text or use Whatsapp. You can get on a plane and be in the middle of the world in a few hours. Globalization is part of a shrinking world, bringing people together for common or competing goals.
While multinational corporations are seeing globalization in every aspect of business, even small start-ups and entrepreneur-led businesses will be affected. Globalization affects businesses in different ways:
The economic benefits of globalization for much of the world are hard to ignore. Increased trade through larger and more diverse markets results in higher incomes and increased gross domestic product (GDP). World GDP grew from $50 trillion in 2000 to $75 trillion in 2016, largely due to economic interdependence and the increased global trade it allows.
Dhl Initiative On Globalization
Globalization also means that businesses can make greater profits by tapping into untapped markets and taking advantage of low local costs. By expanding into new countries, businesses reach markets that are hungry for their new products and willing to pay top dollar for them. They can earn higher returns in high-income markets while saving money in the form of lower labor costs, rents, and lower materials.
Global competition in markets leads to quality and affordability. When consumers realize that they have a variety of options from around the world, they will choose to buy the best and cheapest options, which requires companies to improve quality and offer reasonable prices. cheap if they want to stay competitive. Outsourcing also contributes to the drop in prices, as many companies hire workers from other countries to do the work for low wages.
Combining efforts and resources enables great innovation and creativity to solve problems that affect people around the world. For example, conservation efforts and efforts to combat the rise of carbon, will require a strong global effort in order to succeed. Non-governmental organizations (NGOs) use a collaborative approach to address cross-border issues such as child labor, human trafficking and health care and disease prevention.
Not all the positive effects of globalization come from billions and billions of dollars. The cross-cultural exchange of ideas, food, music, media and language is just as important.
The Real Extent Of Globalization
Individuals who travel around the world for business or pleasure and try different foods, listen to different music, read different books, are exposed to different media and learn to express themselves, even badly, in other words they get a broader view of the world. Their new knowledge helps develop a strong empathy and appreciation for people of other cultures.
Perhaps one of the greatest benefits of globalization is the rapid spread of technology around the world. Google, Dell and Microsoft, for example, have offices on many continents. Developing countries often attract investors because of the great potential for growth. The resulting achievements lead to results such as the spread of agricultural machinery in Southeast Asia, for example, where before there was only manual labor.
NGOs also collect and disseminate knowledge. When medical workers from all over the world came together through Doctors Without Borders, in collaboration with the World Health Organization, and worked to end SARS in Vietnam, they prepared a “SARS kit” and produced guidelines of dealing with infection. They shared these tools around the world to help hospitals deal with the disease.
For developing countries, in particular, the opportunity to break the long process of technological development of industrialized countries brings rapid development. For example, mobile phones have rapidly arrived on the African continent, and mobile phone usage is now increasing every year in sub-Saharan Africa and approaching 90% in countries such as South Africa.
Globalization Isn’t Dead. But It’s Changing.
The rapid adoption of mobile technology has boosted business in countries like Kenya. Where travel is dangerous or difficult, small business owners use their cell phones to reach customers and contractors. Most people in Kenya do not have access to banks or bank accounts, but they can use their phones to send and receive money, using text messages, as most mobile phones in the country are not – smartphone. They can also use their phones to track crop prices and find out which markets will bring in the most money.
Rapid technological progress has benefits other than economics. Pregnant women who do not have access to traditional medical care can use their phones to keep in touch with midwives. Midwives also use their phones to connect to a system that doctors monitor at all times. The infant mortality rate in Kenya, especially in its slums, is one of the 65 best in the world, but globalization has provided tools to help solve some of the health care problems. before and after birth.
The European Center for International Political Economy reports that globalization has helped reduce the high rate of inflation in Western countries, so that every dollar spent goes further. This development also has the effect of increasing real incomes by reducing the cost of living. Furthermore, competition in the global market means that the prices of many things have fallen, so the price of what were once unaffordable luxuries, such as laptops, cars and washing machines, is now it is available to many people.
It is easy for people to be afraid of people they have never met. Strangers become complete strangers in such situations. But if people meet others from other parts of the world, talk to them about the same problems, and eat their food and culture, they can see their common humanity and treat others as equals.
Making Globalization Work For Africa
It is clear that globalization offers many benefits worldwide – but what are the disadvantages of globalization? Here are just a few.
American companies are notorious for using foreign workers to produce cheap American products. Rich, developed countries sent their garbage to China and Malaysia. The abuse of cheap markets and lax regulations in developing countries has caused pollution and suffering in those countries, even as profits are growing in other countries.
In the mines of the Democratic Republic of the Congo, where there is a lot of metal needed for electronic devices – gold and tungsten, tin and tantalum – groups of armed soldiers, often using child soldiers, have taken power, durable with force with violence and power. trading minerals for weapons. Although the world price of gold has quadrupled in 10 years and electronic goods are still cheap, globalization has not reduced the country’s poverty and violence.
Dodd-Frank laws passed in the United States now require companies to be transparent about how they source their assets, but only 10% of eastern Congo’s mines are declared conflict-free.
Globalization In Transition: The Future Of Trade And Global Value Chains
The outsourcing of workers also leaves a shortage of jobs in developed countries, where labor is more expensive. When the United States outsources products to lower-cost competitors in foreign markets, domestic manufacturing workers lose their jobs. High unemployment leads to dissatisfaction, pressure on the social safety net, and low tax revenues. Workers whose skills are less applicable in the global market will have difficulty adapting to a globalized world.
Globalization presents challenges for international corporations in terms of financial investment and leadership. Setting up a business in a new country, especially in a developing country, requires a lot of money. Necessary resources may not be available.
Roads, power lines, networks, water and sanitation may need to be upgraded or improved from scratch. It can also be difficult to find and retain managers with the skills needed to add value to the company and operate effectively in the local culture.
Multinational corporations also face the challenge of conflicting with different laws in different countries. Sometimes they have to fully contend with different types of legal and banking systems. The difficulty of managing these systems can lead to obstacles in expanding access to new countries and serious consequences for
Key Trends In The Global Economy Through 2030
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